Count of Visit

Online

Wednesday, September 2, 2009

Pensions Regulator shortlisted for Better Regulation Award

The Pensions Regulator was today chosen as a finalist for 'The Better Regulation Award' at the forthcoming National Business Awards.

Previously a finalist in 2007, the regulator has been shortlisted this time for its programme of work to minimise the burden on pension schemes of meeting their legal duty to register and submit data to the regulator.

This programme has centred on the in-house development of the online "Exchange" platform which has enabled significant reductions in the burden of the registration and scheme return process. We consulted widely with our stakeholders in designing and testing Exchange and we incorporated their ideas into this new platform.

This has included cutting the amount of data requested by up to 20%; pre-populating online forms to reduce the time taken on data entry; and allowing schemes to update their data online at any time.

A reduction in the number of queries from pension schemes suggests that they are now finding the process simpler and easier to follow. Bringing the Exchange platform in-house has also enabled the regulator to address customer feedback and technical issues more quickly and make significant efficiency savings.

Alongside the Exchange platform, the regulator has also introduced a data panel to apply rigorous control of future data requirements and to ensure that they are driven by genuine business need. And this wider programme, which also included internal organisational changes and process re-design, has made major inroads into the regulator's cost of acquiring and managing pension scheme data.

Pensions Regulator chief executive Tony Hobman says:

"We welcome the recognition for the progress we have made on this important element of our broader commitment to Better Regulation.

As well as helping us to reduce burdens on the regulated community and achieve internal efficiency savings, we have also been enabled to allocate even more resources to our regulatory frontline."